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Remittance statistics

Find out the data on which countries send the most money abroad.

Between 2017 and 2018, US$613,466 million was sent between countries around the world. We’ve unpacked the most recently available data from the World Bank to get an idea of where this money is coming from.

What does remittance mean?

Remittance refers to the transfer of money. In this case, it’s about transferring funds from someone in one country to a person in another country. It’s particularly important in many developing nations, where international remittances make up a significant portion of the country’s GDP. The total value of remittances received around the world has increased significantly over the past two decades.

Countries whose GDPs depend on money transfers

Countries that are classed as “developing nations” all saw migrant remittance inflows making up a solid percentage of their GDP in 2019. In countries such as Tonga, migrant remittance inflows were responsible for approximately 38.5% of 2019 GDP. Rounding out the top five countries reliant on migrant remittance inflows were Haiti (34.3%), Nepal (29.9%), Tajikistan (29.7%) and the Kyrgyz Republic (29.6%).

Which country is sending the most money?

Where is all that money coming from? Of all the countries that are sending money overseas, the US sends by far the most offshore, with US$148,488.65 million being sent in 2017-18.

The United States was followed by Saudi Arabia (US$46,724.65 million), the United Arab Emirates (US$32,977.78 million), the United Kingdom (US$26,801.50 million) and Germany (US$24,670.87 million) to round out the top five countries sending money abroad.

Which country is receiving the most money?

As far as where that money is being sent, India tops the list for countries receiving remittances at US$68,968 million.

India was followed by China (US$63,860 million), the Philippines (US$32,808 million), Mexico (US$30,600 million) and France (US$25,372 million) to round out the top five countries receiving money from abroad.

What are the remittance fees around the world?

With such an enormous amount of money being moved across borders, what is the cost of sending money overseas? The fees that most providers charge include exchange rate margins as well as a transfer fee.

The global average rate for remittances is 7.14%*, but this varies by country and method of payment. Banks are by far the most expensive method to remit money, with fees averaging 10.8%. Money transfer operators charge an average fee of 6.2%, while post offices charge the least at 5.5%. However, this is just an average and the number can vary. Make sure to compare what options are available to you before diving in.

The map below shows the average rate of remittance fees globally and is sortable by the year. In 2017, the most expensive countries included Angola at 24% and Nigeria at 25%.

Net remittances

The world map below illustrates which countries receive the most remittances and which countries send out the most. To show this, we’ve used the data on what each country receives in remittances minus what it sends out. If a country has a negative value, this means that it’s sending out more than what it’s receiving.

The United States, for example, is the country that sends out the most money in remittances compared to what it receives. India, on the other hand, receives more remittance payments than it sends out.

*Average remittance fees around the world were calculated through the analysis of multiple US$200 transactions made worldwide. Data comes from the World Bank.

Richard Laycock is Finder’s insights editor after spending the last five years writing and editing articles about insurance. His musings can be found across the web including on MoneyMag, Yahoo Finance and Travel Weekly. When he’s not doing deep dives on data, he is testing the quality of cocktails in his newfound home of New York. Richard studied Media at Macquarie University and The Missouri School of Journalism and has a Tier 1 Certification in General Advice for Life Insurance.

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